Warrants |
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| Warrants [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| WARRANTS |
NOTE 8 – WARRANTS
As of June 30, 2025, the fair value of the Public Warrants was approximately $0.40 per Public Warrant based on the closing price of the warrants on The Nasdaq Capital Market. The fair value of the Representative Warrants was approximately $0.416 per Representative Warrant, which was based on the relative fair value to the Public Warrants.
The following table summarizes the Company’s outstanding warrants:
For the three months ended June 30, 2025 and 2024, total stock-based compensation expense related to the Company’s warrants was $0 and $2,360, respectively, and $1,573 and $3,147 for the six months ended June 30, 2025 and 2024, respectively. Stock-based compensation expense related to warrants is recognized within general and administrative expense on the condensed consolidated statements of operations and comprehensive loss.
During the three and six months ended June 30, 2025, the Company issued warrants to purchase an aggregate of 7,392,856 shares of Common Stock in connection with the May 2025 Public Offering as described in Note 6 above. This consisted of (i) Series C Common Warrants to purchase 3,571,428 shares of Common Stock, (ii) Series D Common Warrants to purchase 3,571,428 shares of Common Stock, and (iii) May 2025 Placement Agent Warrants to purchase 250,000 shares of Common Stock.
During the three and six months ended June 30, 2025, Series D Common Warrants to purchase an aggregate of 914,286 shares of Common Stock were exercised for cash resulting in gross proceeds to the Company of approximately $1.28 million.
During the three months ended June 30, 2024, the Company issued no warrants. During the six months ended June 30, 2024, the Company issued warrants to purchase an aggregate of 1,500 shares of Common Stock in exchange for consulting services. The warrants were issued on March 1, 2024 and became exercisable in twelve equal monthly installments commencing on April 1, 2024 at $8.13 per share. The warrants expire ten years from the date of issuance.
No warrants were expired/cancelled or exercised during the six months ended June 30, 2025 and 2024, except as described above. |
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